possibility of sanctions. is it possible that they could include banning russia from the swift financial system that the world uses? that would be punishing. everything is on the table, including swift. everything is on the table. the final political decision will be taken in case there is an aggression of russia towards ukraine. for us, it is important that this is the most tricky part, that this is the most tricky part, that we completely align between the united states, united kingdom, and the european union and the financial sanctions to cut off russia from our financial markets. in the export ban with our thousands and thousands of different goods. we ll make sure that they do not reach russia any more, they are existential and vital for russia for its modernisation and diversification, and they cannot be easily replaced. diversification, and they cannot be easily replaced- easily replaced. ursula von der le en easily replaced. ursula von der leyen speaking easily replaced. urs
export controls, and the band of export financing. and finally, these are policy. let me highlight some of the most important points. first, this package includes financial sanctions that cut russia s access to the most important capital markets. we are now targeting 70% of the russian banking market. but also, key state owned companies, including the field of defence, and these sanctions will increase russia s borrowing costs, raise inflation, and gradually erode russia s industrial base. we are also targeting the russian elite by curbing their deposits, so that they cannot hide their money anymore and safe habits in europe. the second main pillar targets the energy sector, a key economic area, which especially benefits the russian state. our export ban will hit
their assets but, that they have in london, or miami. they could be directly affected. the export ban, we haven t talked a whole lot about that. the export ban is a very powerful. sanction now it means that small components, little micro chips, that russians need for their weapons, for their economy but would be cut off. they could probably find a few other sources, but not the same way that we can. our alliance, including the japanese, the taiwanese but, and the indians, not to mention the europeans, strongly support the sanctions. so, the work that the biden administration has done to develop this alliance is really paying off. the last price, not the last price, one of the other big prices, that putin will pay, if he invades, is the potential for unrest in his own country.
the border, would be very high. not just in terms of the sanctions that we talked about for weeks, they would be hammering. they would be devastating to the russian economy, sadly, to russian people. just individuals, who are trying to use their bank accounts or their credit cards, or pay their bills. they would be hit immediately, if we sanction the top three russian banks. so, that is the first thing. that is not even the biggest thing. there could be sanctions on him, on president putin. there will be sanctions on people around him. on their families, on their assets that they have in london, or miami. they could be directly affected. the export ban, we haven t talked a lot about that, the export ban is a very powerful sanction. it means that small components, little microchips that russia needs for their smartphones, for their economy, would be cut off. they could probably find a few
and then we have i think some of the most interesting sanctions/measures yet. that is export restrictions and this is long touted by the u.s. and europe and the uk but now we are seeing where they are hitting, and it is really targeting tech. tech that is critical to all sorts of different russian sectors. um, and this has really far-reaching consequences. for instance, taiwan who are implementing sanctions haven t got details on them yet but their biggest chipmaker, which is actually the biggest chipmaker in the world will no longer be able to sell semiconductors to russia because they use u.s. technology and so the u.s. export ban impacts them as well, so you can see how far-ranging that will be and how it will make life incredibly difficult, even for ordinary russians. not only does it target some of those kind of critical sectors when you are looking at conflict like defense, but also your average russian is going to be increasingly hard for them to make certain products. also, i